AMC ‘party’ over; Hertz comes under pressure; iHeartCommunications softens; CSC drops

By Cristal Cody

Tupelo, Miss., May 16 – AMC Entertainment Holdings, Inc.’s bonds and stock declined after nearly a weeklong rally fueled in part by a spark in ‘meme stocks’ and the company’s latest equity sales.

“Think that party’s over,” a trader said. “They’re down a bit.”

AMC’s 7½% senior secured first-lien notes due 2029 (Caa1/B-) fell to 77 bid, 78 offered from 78 bid, 79 offered in the prior session but remain up from trading at 70 bid, 71 offered on Monday.

Another “meme-related” name also was under pressure on Thursday, a source said.

Hertz Corp.’s 5% senior notes due 2029 (Caa1/B/CCC+) went out over 3 points lower at 69½ bid, 70½ offered following a second ratings downgrade.

iHeartCommunications, Inc.’s 4¾% senior secured notes due 2028 (Caa1/B-) also fell about 2 points to 59 bid, 60 offered, a source said.

Trading was steady on over $7 million of reported volume.

Also Thursday, Altice USA, Inc. subsidiary CSC Holdings, LLC’s paper declined on the heels of a S&P Global Ratings downgrade and negative outlook.

CSC’s 6½% senior guaranteed notes due 2029 (B2/CCC+) fell around 1½ points to 70½ bid, 71½ offered, a source said.

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